CONJOLA LAKESIDE

Ingenia Communities Group

FY15 Results Presentation 25 August 2015

AGENDA

2

TOPIC PAGE

Overview 3

Performance and Capital Management 6

Strategy 11

Operational review 18

Outlook 34

3

OUR BUSINESS

Ingenia is a leading owner, operator and developer of affordable Retirement, Lifestyle and Leisure Communities

4

INVESTMENT RATIONALE

Value Proposition

Strong and stable rental cash flow through a combination of Lifestyle and Leisure Communities, and Senior’s Rental Communities

Substantial market opportunity to further capitalise on a fragmented industry, leveraged to an ageing population and growing demand for affordable accommodation

Capable and proven management team supported by a Board with significant industry experience

Performance

Sales momentum building - 56 settlements FY15 (15 in FY14) with FY16 target 120 sales. Lifestyle Parks becoming key driver of earnings growth

Acquisition track record (five Parks in FY15, four now under contract) of securing highly sought after quality Lifestyle and Leisure assets. Significant off-market deal flow in place

Outlook

Growing high margin sales and development business underpinned by a land bank of 1,500 sites with an end sales value of over $350 million

Successfully developing community clusters across Sydney, Brisbane, NSW Central Coast and now NSW South Coast

Rising distribution yield and potential for security price growth as strategy successfully executed p4

5

FY15 PERFORMANCE

CATEGORY ACHIEVEMENT

STRATEGY

• Rental yielding assets - now 85% of $425m portfolio • Acquired or contracted six Lifestyle Parks – actively

assessing 20 parks • Sale of non core assets at good value, providing capital for reinvestment

and simplifying business model • Conditional contracts exchanged on three DMF villages – offer received on

further two

FINANCIAL • Underlying profit $17.5 million – up 51% • Underlying profit per security 2.1 cents – up 17% • Increased distribution to 1.35 cps, up 17% (payout ratio 63%) • Debt capacity increased to $175 million, rate and terms improved

OPERATIONS • Garden Villages occupancy grown to 90.7% • Growth in Lifestyle Parks revenue, reflecting increased scale and

development sales • Sales momentum rapidly building – 56 settlements FY15 (15 in FY14)

DEVELOPMENT • Development now underway in nine communities • Current pipeline of 1,500 potential home sites, with end sales value

>$350m • First development complete (Ettalong Beach) - sold out in 7 months

6

PERFORMANCE AND CAPITAL MANAGEMENT

One Mile Beach, One Mile, NSW

7

• Lifestyle Parks now largest contributor to revenue driven by growing rental base and momentum in development

• Operating cashflow reflects acceleration of manufactured home development (34% of inventory contracted)

• Strong profit contribution from Lifestyle Parks development (over 330% growth)

• Full year distribution of 1.35cps up 17% on FY14

• NAV increase driven by valuation gains across cash yielding assets

KEY FINANCIALS

1. FY15 normalised statutory profit is $25.4m after adjusting for $2.0m loss on sale of discontinued operations and release of foreign currency translation reserve gain of $2.4m.

2. FY15 statutory profit includes $13.3 million fair value write off of acquisition transaction costs.

3. Underlying profit is a non-IFRS measure designed to present, in the opinion of the Directors, the results from the ongoing operating activities of INA in a way that reflects underlying performance. Underlying profit excludes items such as unrealised fair gains/(losses), and adjustments arising from the effect of revaluing assets/liabilities (such as derivatives and investment properties). These items are required to be included in Statutory Profit in accordance with Australian Accounting Standards. Underlying profit has not been audited or reviewed by EY.

KEY FINANCIAL METRICS 30 JUNE 15 30 JUNE 14 CHANGE

Statutory profit 1, 2 $25.7m $11.5m 123%

Revenue $76.0m $45.8m 66%

Underlying profit3 $17.5m $11.6m 51%

Underlying profit EPS 2.1c 1.8c 17%

Distribution per security 1.35c 1.15c 17%

Operating cashflow $9.0m $14.2m (37%)

Loan to value ratio (LVR) 22.6% 33.9% 33%

Interest cover ratio (ICR) 2.96x 1.99x 49%

Net asset value (NAV) per security 38.9c 35.5c 10%

8

UNDERLYING PROFIT GROWING Lifestyle Parks now key driver of earnings growth

Core business performing well • Garden Villages - continuing to demonstrate strong,

stable cash flows with organic growth • Active Lifestyle Estate

• Sales momentum achieved, development profit growing

• Ongoing investment in platform to facilitate future growth as development scale increases

• Settlers Lifestyle - realisation of value from conversion process nearing completion

Significant uplift recognised in June 2015 valuations • 18 assets independently valued and external review

of internal cap rates undertaken • Net 2H like for like uplift of $20.3 million • Total of $13.3m of acquisition costs (primarily stamp

duty) written-off in FY15 • Market recognition of stable, government supported cash

flows evident in cap rate compression across Garden Village and ALE portfolios

Valuations

UNDERLYING PROFIT JUNE 15 ($m) JUNE 14 ($m)

Continuing operations

• Garden Villages 11.0 9.9

• Active Lifestyle Estates 8.4 3.9

• Settlers Lifestyle 6.3 4.5

Portfolio EBIT 25.7 18.3

Corporate costs (7.6) (6.2)

EBIT – continuing operations 18.1 12.1

PORTFOLIO AV. CAP RATE

JUNE 2015

AV. CAP RATE

DEC 2014

JUNE 15 BOOK

VALUE ($m)

Garden Villages 10.2% 11.6% 125.7

Active Lifestyle Estates 9.9% 10.7% 204.2

Settlers Lifestyle1 14.8% 14.7% 62.9

TOTAL 392.8

1. Represents discount rate for three assets not classified as held for sale.

9 p9

CAPITAL MANAGEMENT Improved funding capacity

• LVR below target range of 30-35% at 23%

• LVR post announced acquisitions 30%

• ICR of 2.96x

• Additional funding ($45.5 million) on improved terms • Reduced funding cost – current all in cost of debt

4.6% • Increased flexibility and capacity to support future

growth

Drawn debt of $63.9 million at 30 June 2015

$175 million facility established Feb 2015

Capital Management Strategy Provide flexible funding for growth Diversify funding sources and tenor Access development and JV funding

• Focus on capital recycling via DMF sell down

• DRP to remain in place

• Explore capital partnership opportunities

Funding further growth

Australian debt 30 Jun 15 ($m)

Total facility 175.0

Total debt drawn 63.9

Bank guarantees 28.8

Utilised facility (debt and guarantees) 92.7

Available debt 82.3

Hedged debt 18.0

Floating debt 45.9

Australian Interest rates

Current all in cost of funds 4.6%

• Conditional contracts exchanged for three QLD villages

• Offer received on two NSW villages

• All in line with book value

Capital recycling

10

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

FY12 FY13 FY14 FY15

Cent

s per

Sec

urity

Interim

Final

CAPITAL MANAGEMENT Steady growth in distributions

FY15 distribution 1.35¢ per security

• Represents 17% increase on FY14 distribution

• FY15 distribution 84.9% tax deferral

• Payment to be made 16 September 2015

• DRP in place

• Future distributions will be at a reduced tax deferred percentage

Payout ratio of 63%

• Commitment to distribution growth balanced against accretive acquisition, development and reinvestment opportunities

1.0 cps

1.35 cps 1.15 cps

Distributions (cps) 15% growth

17% growth

11

STRATEGY

7.1 hectare site secured for $3.3 million

Bethania, recent acquisition of partially developed MHE community, with option to secure adjacent land

12

7.0m 8.1m

9.0m 10.0m

11.0m 12.2m

13.6m 14.9m

16.1m 17.4m

18.8m

0.0m 2.0m 4.0m 6.0m 8.0m 10.0m 12.0m 14.0m 16.0m 18.0m 20.0m

30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 40%

2011 2016 2021 2026 2031 2036 2041 2046 2051 2056 2061

Pers

ons

Port

ion

of P

opul

atio

n

Year

Over 50's Cohort as a Percentage of Australia

STRATEGY FOCUSED ON A DEEP AND GROWING MARKET WITH STABLE CASH RETURNS

p12

Australia’s population is rapidly ageing • By 2061, the proportion of Australians aged over 50 is forecast to

reach almost 39% of the population, representing close to 19 million people

• ABS and 2011 Census figures indicate that 77% of single people over 65 rely on the pension as their primary source of income (ABS, 2011 Census)

• Australia’s growing pool of retirees is living longer - many have limited superannuation savings and expect to rely on government payments in retirement

• The need to provide housing options funded by government payments will increase

As house prices rise, affordability is decreasing • The rate of wage growth has been far outstripped by growth in

house prices with dwelling price to income ratio at the highest level in more than 15 years

• For retirees whose sole source of wealth accumulation is through home ownership, releasing equity to fund a comfortable retirement while owning their own home and retaining access to the pension and rent assistance is attractive

Source: ABS, Catalogue Number 3222.0 - Population Projections, Australia, 2012 (base) to 2101. ABS Census 2011 for 2011 population.

0 50

100 150 200 250 300 350 400

Australian house price index versus wage price index

House Price Index Wage price index

Source: Colliers Edge and ABS (as at June 2015), INA Analysis.

CAGR 7.89%

CAGR 3.41%

1. ABS, Catalogue Number 3222.0 – Population Projections, Australia, 2012 (base) to 2101. Ingenia analysis. 2. Colliers Edge and ABS. 3. Household Savings and Retirement, October 2012, CPA Australia. Ingenia analysis.

INGENIA MEETS CONVERGANCE OF AGEING POPULATION AND HOUSING AFFORDABILITY CRISIS

13

1. Australia’s population is rapidly ageing – more than 700 people are estimated to be entering the 60+ age bracket every day1

2. There is a housing affordability crisis in Australia – house price growth has consistently outstripped wage growth over the past 15 years2

3. The typical retiree only has ~$140,000 in superannuation – primary source of wealth is the family home (if they have one)3

4. There is a supportive Government funding framework for rent based seniors accommodation

Industry experienced Board and Management team combined with significant development opportunity

Scalable operating platform delivering returns from long and short term rental assets

Business dominated by stable rental cash flows underpinned by government payments Significant organic growth and development pipeline in place supplemented by substantial deal flow

MARKET DRIVERS OPPORTUNITY INGENIA

AUSTRALIAN MHE LANDSCAPE

14

6% pure MHE sites 30% mixed MHE sites

64% tourism parks

2,500 MHE sites across Australia

Source: Colliers.

15

CONJOLA LAKESIDE South Coast, NSW Settling mid September 2015 $24.0m • Premier 21 hectare park on the NSW South Coast with

significant development upside

BETHANIA Brisbane, QLD Acquired July 2015 $8.2m • Established, build-ready community in Brisbane’s

growing South West corridor • Subsequent conditional contract on 7.1 hectares of

vacant adjacent land (approximately 100+ sites)

CHAMBERS PINES Brisbane, QLD Acquired March 2015 $17.6m • Established build ready community in Brisbane’s growing

South West corridor. DA lodged for 256 homes on co-located golf course

SYDNEY HILLS Sydney, NSW Acquired April 2015 $12.0m • One of the closest freehold parks to the Sydney CBD • Park and surrounding land under gateway determination

process for future approval for medium density residential housing

HIGH QUALITY AQUISITIONS Focus on urban and coastal markets

16

Garden Villages

29%

Lifestyle Parks 56%

DMF 15%

$424.9m

CHANGING BUSINESS MIX Rapidly growing cash yielding asset base in line with strategy

p16

30 June 2014 asset value1

30 June 2015 asset value1

Target allocation

Lifestyle Parks ~ 75%

Continued growth

• Cash yielding assets now comprise 85% of total portfolio value

Garden Villages ~ 25%

NZ Students

13%

Garden Villages

33%

$350.0m

DMF 20%

Lifestyle Parks 34%

Target • Rental income ~75% • Development income ~25%

1. Pro-forma, post announced transactions. Excludes divestment of DMF assets.

17

BUILDING A SCALABLE PLATFORM

p17

Ingenia is progressively investing in a scalable platform to effectively manage and develop as a significantly larger business • Over the past 12 months considerable investment has been made in development and sales teams

• Appropriately resourced team to scale up to deliver over 250 homes per annum

• Systems and processes in early stages • Heavily transaction oriented business (paying over 3,000 invoices and 5,800 credit card receipts monthly)

• Rapid corporatisation of family-owned businesses requiring considerable investment in integration, marketing, compliance and establishment costs

• Focus on revenue growth via social media, online travel agents

• Now have close to 60,000 customers on database

• Deliberate focus on assets with development and repositioning upside • Impact on income as sites taken offline and development progressed

Drivers of cost optimisation • Further investment in technology, systems, and processes to realise efficiencies

• Leveraging procurement opportunities

• Streamlining revenue capture

• Focus on lean and efficient cost base • Recent savings across IT&C, audit services and debt

• Standardising home designs and seeing further savings

• Internalising some aspects of project management to save $2,000 - $3,000 per home

OPERATIONAL REVIEW

18

Conjola Lakeside, Lake Conjola, NSW

19

INGENIA’S PORTFOLIO IS DOMINATED BY SENIORS RENTAL COMMUNITIES

Ingenia has 61 Australian communities and growing

31 RENTAL VILLAGES • 1,629 units In all States except SA

NON CORE Current book value $62.9m • 8 villages – 838 units WA, QLD and NSW

22 LIFESTYLE PARKS • 1,522 permanent sites • 593 annual sites • 1,114 short term sites • 1,500 + development sites Growing presence in NSW and SE QLD Further 20 parks under assessment

Note: Includes Parks owned at June 2015, plus Bethania (acquired July 2015) and Conjola Lakeside (settlement anticipated September 2015). Development sites include some conversion of existing sites.

Largest owner/operator of seniors rental villages in Australia

A leading owner, operator and

developer of Lifestyle Parks in NSW and QLD

Portfolio now $424.9 million

A RAPIDLY GROWING PORTFOLIO OF ‘STICKY’ RENTAL CONTRACTS

Long-term rental Short-term rental Characteristics Active Lifestyle

Estates Garden Villages Active Lifestyle

Estates All age rental Active Holiday

Parks

Lease type Residential site agreement Residential lease Annual (Occupation

agreement) Residential lease Short-term

Tenure Perpetual 2.6 years 7 years 5 years Daily/weekly Avg Stay 4 nights

Annual rental $6,000 – $8,500 Av. $16,000 $3,300 - $6,600 $7,200 - $19,700 Average daily rate Cabin $113 Sites $33

No. Sites / Units >1,100 >1,600 >590 >350 >1,100

Resident profile 65+ 75+ Grey nomads / families

All ages Grey nomads / families

Comment Funded by full or part pension / Commonwealth Rent Assistance

Highly stable site rental agreements

High occupancy, attractive rents

High yields, maximises land optionality

20

21 p21

ACTIVE LIFESTYLE ESTATES Book value: $204.2 million

• Ingenia’s Active Lifestyle Estates business provides exposure to a growing demand from Australia’s ageing population for affordable seniors housing

•The portfolio is underpinned by rental revenue, community expansion and redevelopment provides additional capital light, low risk development earnings

•Over 85% of the portfolio comprises high quality metro and coastal locations

Site

s

1. Includes announced acquisitions.

Portfolio location (by value)1

Coastal 50%

Regional 14%

Metropolitan 36%

Rapid growth in rental income (number of sites)

0

500

1000

1500

2000

2500

3000

3500

Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Proforma

1

22

June 15 ($m)

June 14 ($m)

Rental business

Permanent rental income2 8.3 4.2

Annuals rental income 1.0 0.3

Short-term rental income3 10.3 5.0

Commercial rent 0.2 0.1

Total rental revenue3 19.8 9.6

Development profit 5.7 1.3

EBIT 8.4 3.9

Book value

30 Jun 15 204.2

30 Jun 14 119.3

ACTIVE LIFESTYLE ESTATES $204.2 million portfolio dominated by rental returns

p22

• Revenue increasing as business rapidly expands • Portfolio quality and scale enhanced

• Benefit of development, sales and marketing platform demonstrated – 56 settlements

• Development scale and earnings steadily ramping up

• Rental of park owned sites generating strong yields and providing opportunity for longer term highest and best use

• Valuation increases support acquisition pricing and reinvestment strategy

• Cap rate compression emerging

• Off-market acquisitions have created significant value

1. Includes new and recycled permanent and short term sites. 2. Includes income from Park owned homes. 3. Includes Chambers Pines rental units.

KEY DATA 30 June 15 30 June 14

Total properties 20 15

Permanent sites 1,468 1,093

Total annual sites 306 261

Total short-term sites 1,033 777

Potential development sites1 1,135 917+

Source: Colliers Edge, June 2015.

23

ACTIVE LIFESTYLE ESTATES Highest and best use drives mix

Active Lifestyle Estates, White Albatross, Nambucca Heads, NSW Acquired December 2014. Includes 135 permanent sites and 165 tourism sites

Tourist cabin – 72 m2

Average rent $127 p/n @ 68% occupancy = $31,500 per year

Permanent site - 135 m2 Rent from senior $133 p/w = $6,900 per year

In select iconic coastal parks, tourism generates significantly higher returns than permanent sites

24

ACTIVE LIFESTYLE ESTATES: SHORT-TERM SITES A deep market with significant cross selling potential

p24

Tourism assets often provide first exposure to Ingenia’s Lifestyle Parks offering and the MHE model

Key markets account for majority of visitation, providing strong cross selling opportunities

• Grey nomads (26%), family market (45%)

Drivers for these markets remain strong

• Ageing population driving stronger off peak visitation by grey nomads

Domestic tourism represented $55.7 billion trip spend in the year to March 2015, representing 82.3 billion overnight trips1

The Caravan and Camping industry generated $1.3 billion in annual revenue in 2014-152

• Revenue is forecast to grow by 1.3% in 2015-162

• Continued loss of smaller operators will constrain overall growth but provide opportunities for remaining operators

• Caravan and campervan registrations are growing – up 5.35% year to January 20133

• A key driver of the industry will be the expanding seniors market

1. Travel by Australians year ending March 2015, Tourism Research Australia. 2. Caravan Parks and Camping Grounds in Australia April 2015, IBIS WORLD. 3. Caravan and Campervan Data Report August 2014 (BDO).

0 200 400 600 800 1,000 1,200 1,400

1,400 1,450 1,500 1,550 1,600 1,650 1,700 1,750

Caravan Park Establishments and Revenue

Establishments (LHS) Revenue ($m) (RHS)

25

Coastal 64%

Regional 26%

Metropolitan 10%

ACTIVE LIFESTYLE ESTATES – Short-term rental

Significant revenue growth, reflecting increasing scale and leverage of marketing platform

Investment in digital platform and marketing strategy delivering results

• Database grown rapidly (close to 60,000 members)

• Beginning to grow rates through dynamic demand based pricing

• Revenue from online travel agents now exceeding $100,000 per month

Building presence in key coastal and metro locations with focus on quality and value

Cross selling benefits identified and progressed

p25

FY15 KEY ACHIEVEMENTS

Over 1,000 sites, comprising tourism villas, cabins, caravan and camping sites

Portfolio location (by site numbers)

Note: Includes announced acquisitions.

Revenue to grow as new sites are integrated and marketing initiatives progressed

26 p26

ACTIVE LIFESTYLE ESTATES – DEVELOPMENT Material uplift in sales delivered

Development pipeline expanded to 1,135 potential sites • Addition of 290 potential sites, including 21 build ready sites

• Approvals and consents for over 100 sites (new and recycled) received

At 30 June, 44 homes under construction • Standard home product now established

Civil works underway or complete at six projects Supply secured • Supply agreements in place with Parkwood and Glendale Homes

• Discussions ongoing with additional suppliers

Additional park owned rental cabins at Chambers Pines anticipated to generate >15% yield

Investment in people and systems • Additional sales and development staff to deliver growth

• New Customer Relationship Management system being implemented to drive efficiency and build scalability

Established pipeline with potential end sales value of $350 million

FY15 KEY ACHIEVEMENTS Development portfolio

June 15 June 14 Change

Total active development projects 8 4

Sales projects ‘in market’ 8 2

Homes under construction 44 22

Contracted and reserved 44 2

Gross development profit $5.7m $1.3m

Settlements 56 15

Average price ($’000)1 $267 $229

Active Lifestyle Estates, Stoney Creek, Marsden Park, NSW

1. Excludes GST.

27

3

5 4 4

10

4

2

10 9

13

16

20

7 8

1 1 1 0 0

5

2 2

6 6

11

21

5

7

0

5

10

15

20

25

Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15

FY15 Contracted, Reserved & Settled Homes Contracted & Reserved Homes Settled

FY16

SALES PLATFORM Momentum building

p27

Strong growth in sales and settlements •Ettalong sold out

•Lake Macquarie and Stoney Creek building demand

Additional projects to launch FY16

Ettalong Beach launched

Stoney Creek and Lake Macquarie launched

Ettalong Beach sold out

28

BUILDING PLATFORMS FOR SCALABLE GROWTH

Portfolio

Place

Product

People

• Clear strategic clusters create operating efficiencies, market awareness and cross selling opportunities

• Physical repositioning of the communities underpins sales momentum

• A standard suite of products, specifications and finishes will improve speed to market

• New design innovations will improve market appeal and age in place solutions

• A clear focus on customer experience, Ingenia Care Assist and social programs will continue to drive customer advocacy and referrals

• Customer experience underpinned by investment in CRM system

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29 p29

ACTIVE LIFESTYLE ESTATES Ongoing focus on portfolio expansion and sales delivery

•Continue to expand portfolio with high quality acquisitions in capital cities and accessible coastal locations

•Seed new clusters where demographics and market opportunities remain attractive

•Progress greenfield opportunities in existing NSW and South East Queensland clusters

•Continue sales growth as homes on the ground increase - 102 homes delivered FY15, building towards medium term target of delivering >250 homes per annum

•Finalise civil works at key sites and grow build ready sites through additional acquisitions and approvals

•Advance master planning and capital works to enhance yield

•Continue focus on cross portfolio and digital marketing to increase revenue and market share

•Deliver FY16 sales target of 120 sales

FOCUS

30

GARDEN VILLAGES (SENIORS RENTAL) Organic growth opportunity

• Ingenia is the largest owner / operator of seniors rental accommodation in Australia •Stable, recurring cash flows underpinned by Government payments (pension and rent assistance)

•Growth being delivered through occupancy improvement, rent increases above pension/CPI growth and margin enhancement

•Existing portfolio is core – limited acquisition opportunities

KEY DATA 30 Jun 15 30 Jun 14

Total properties 31 34

Total units 1,629 1,801

Av. weekly rent1 $311 $297

Total revenue $28.2m $24.6m

Rental income $24.4m $21.0m

Catering income $3.5m $3.2m

EBIT $11.0m $9.9m

Occupancy1 90.7% 87.9%

30 Jun 15 30 Jun 14

Book value $125.7m $114.3m

1. Excludes villages sold June 2015.

Brooklyn Gardens, Brookfield, VIC

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0%

20%

40%

60%

80%

100%

0% 10% 20% 30% 40% 50% 60% 70%

Occ

upan

cy %

Operating Margin %

Margin Analysis

Three non core assets sold at premium to book value

Significant uplift in values

• Strong growth achieved – recently acquired assets demonstrating management ability to add value

• Cap rate compression beginning to emerge

Increased rents and occupancy key driver of revenue growth

• Occupancy up 2.8% (like for like)

• Average rent increase of over 4.5% (like for like)

Continuing to deliver results through training of front line staff and community engagement

• Conversion of leads increasing

• Average move-outs per month reduced

Ingenia Care Assist

• Increasing referrals through key providers

GARDEN VILLAGES (SENIORS RENTAL) Enhanced portfolio

p31

KEY ACHIEVEMENTS FY15

Target quadrant

Village/ Acquired

Occupancy Purchase price

June 15 Valuation

Increase

Acquired Jun 15

Bathurst (acq Jan 14) 53% 96% $2.2m $3.9m 77%

Warnambool (acq Jan 14) 50% 84% $1.8m $2.5m 39%

Peel River (acq Mar 13) 51% 94% $3.2m $4.1m 28%

Launceston (acq Jan 14) 62% 89% $2.3m $3.3m 43%

Adding value through operating excellence

Devonport

32

GARDEN VILLAGES (SENIORS RENTAL) Continuing to deliver growth

32

FOCUS

•Grow rents above pension or CPI

•Continue to increase occupancy towards target of 93% over next 2 years

•Capitalise on growing benefit from community engagement to position Ingenia as preferred accommodation supplier

• Increase conversion metrics to improve occupancy and earnings growth

• Increase resident tenure through Ingenia Care Assist participation and resident satisfaction

•Selectively reinvest to enhance individual village return

•Development using traditional build model doesn’t achieve threshold return requirements

•Exploring feasibility of non traditional methods utilising Chambers Pines rental experience

33

• Strong uplift in accrued DMF income driven by rising prices in WA assets

• Development profits moderating as stock levels reduce with only lower priced studio and 1 bedroom stock remaining

• 43 new unit settlements totaling $9.4 million - additional 27 contracts in place as at 30 June 2015

• Conversion program almost complete – 192 sales with over $34 million value to date

• Conditional contracts exchanged on three DMF villages – offer received on further two villages

p33

KEY DATA June 15 June 14

Total properties 8 9

Total units 838 980

Accrued DMF income $6.8m $5.3m

Development income $2.4m $3.3m

EBIT $6.3m $4.5m

30 Jun 15 30 Jun 14

Book value $62.9m $76.0m

Occupancy1 93% 92%

SETTLERS VILLAGES (DMF) Sell down continues while reducing investment

KEY ACHIEVEMENTS FY15

• Continue to explore opportunities to recycle capital through divestment of remaining villages as development opportunities and conversion program near completion and growth moderates

FOCUS

1. Includes new units yet to be sold.

34

OUTLOOK Strong outlook as Lifestyle Parks rental income and development ramps up

p34

► Lifestyle Parks market competition increasing but Ingenia remains well positioned to lead sector consolidation

► Continuing earnings growth in tourism driven by impact of marketing initiatives and modest reinvestment

► Growing rental income and increased contribution from development to drive earnings, cashflow and distribution growth

► Ageing population driving demand for affordable seniors accommodation

p34

APPENDICES

35 Ingenia home under construction for Stoney Creek

36 p36

Underlying profit FY15 (A$m)

FY14 (A$m) Comments (FY15)

Continuing operations - Garden Villages 11.0 9.9 Occupancy and rate growth continue to drive

earnings - Settlers Lifestyle 6.3 4.5 Strong uplift from rising prices in WA market

- Active Lifestyle Estates 8.4 3.9 Earnings velocity continuing to build

Portfolio EBIT 25.7 18.3 Corporate costs (7.6) (6.2) Increase linked to underlying business growth EBIT – Continuing operations 18.1 12.1

Net finance costs (4.6) (4.0) Includes interest on deferred consideration

Income tax benefit 3.3 2.9

Underlying profit – Continuing operations 16.8 11.0 Discontinued operations

- US Seniors - 0.3 Divested February 2013 - NZ Students 1.5 1.9 Divested December 2014 EBIT – Discontinued operations 1.5 2.2 Net finance costs (0.8) (1.6) Interest expense on NZ debt facility – repaid

December 2014 Underlying profit – Discontinued operations 0.7 0.6 Underlying profit - Total 17.5 11.6

Statutory adjustments 5.1 (4.5) Substantial fair value uplift

Tax benefit associated with adjustments 3.1 4.4

Statutory Profit 25.7 11.5

APPENDIX 1: UNDERLYING PROFIT Lifestyle Parks becoming established as key driver of earnings growth

37

APPENDIX 2 Reconciliation to EBIT and Underlying Profit from continuing operations

(A$m)

Active Lifestyle Estates

(Lifestyle Parks)

Garden Villages (Rental)

Settlers (DMF)

Corporate TOTAL

Rental income 19.9 24.4 0.7 - 45.0 Accrued DMF fee income - - 6.8 - 6.8 Manufactured home sales 14.9 - - - 14.9 Catering income - 3.5 - - 3.5 Other property income 1.6 0.3 1.2 0.1 3.2 Development profit Service station sales

- 2.4

- -

2.4 -

- -

2.4 2.4

Total segment revenue 38.8 28.2 11.1 0.1 78.2 Property expenses (7.9) (8.0) (1.7) (0.4) (18.0) Employee expenses (8.5) (7.5) (1.8) (3.4) (21.2) Administration expenses (1.0) (1.0) (0.2) (2.7) (4.9) Operational, marketing and selling expenses (1.8) (0.6) (0.6) (0.9) (3.9) Manufactured home cost of sales Service Station expenses Depreciation and amortisation expenses Other

(9.2) (1.9) (0.1)

-

- -

(0.1) -

- - -

(0.5)

- -

(0.3) -

(9.2) (1.9) (0.5) (0.5)

Earnings before interest and tax (EBIT) 8.4 11.0 6.3 (7.6) 18.1 Interest income - - - 0.2 0.2 Finance expense - - - (4.7) (4.7) Income tax benefit - - - 3.3 3.3 Underlying profit – continuing operations 8.4 11.0 6.3 (8.8) 16.8

p37

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APPENDIX 3 Underlying Profit and operating cash flows

p38

11.6

17.5

1.1 1.8

4.5 (1.4) (0.6)

0.4 0.4 (0.3)

0

5

10

15

20

Underlying profit FY14

Garden Villages Settlers Lifestyle

Active Lifestyle Estates

Corporate costs Net finance costs

Income tax benefit

NZ Students US Seniors Underlying profit FY15

$m

FY14 to FY15 Underlying profit reconciliation

39

(A$m) 30 June

2015 30 June

2014 Opening cash at 1 July 14.6 37.6 Rental and other property income 57.0 39.9 Net cashflow associated with manufactured home development (3.6) (0.5)

Net borrowing costs paid Income tax received/(paid) All other Australian operating cashflows

(3.9) 0.8

(41.5)

(3.9) (0.1)

(22.3) Net cashflows from operating activities – New Zealand 0.2 1.1 Net cashflows from operating activities 9.0 14.2 Acquisitions of investment properties (64.4) (113.3)

Proceeds from sale of investments properties and equity accounted investments 12.0 7.1

Capital expenditure and development costs (14.2) (9.7) Amounts received from villages 0.2 0.1 Purchase of plant, equipment and intangibles (1.8) (0.4) Net cashflows from investing activities – New Zealand 44.0 (9.9) Net cashflows from investing activities (24.2) (126.1) Net proceeds from/(repayment of) borrowings (14.2) 24.9 Net proceeds from equity placement 88.1 58.9 Distributions to security holders (10.1) (5.9) All other Australian financing cashflows (2.4) (0.3) Net cashflows from financing activities – New Zealand (45.8) 11.4 Net cashflows from financing activities 15.6 89.0 Total cashflows 0.4 (22.8) Effects of exchange rate changes in cash 0.2 (0.2) Closing cash at 30 June 15.1 14.6

APPENDIX 4 Cashflow in detail

40 p40

(A$m) 30 June

2015 30 June

2014 Cash 15.1 12.9 Inventory 13.2 2.2 Investment property and property under development 539.7 498.9 Other assets 15.7 7.9 Assets held for sale 61.6 5.4 Assets of discontinued operations - 47.6 Total assets 645.3 574.9 Borrowings 66.8 98.3 Derivatives - 0.2 Retirement village resident loans 161.9 190.1 Other liabilities 31.1 15.7 Liabilities held for sale 42.0 - Liabilities of discontinued operations - 30.4 Total liabilities 301.8 334.7 Net assets 343.5 240.2 Net asset value per security – cents 38.9c 35.5c Secured assets4 363.7 290.4 Borrowings (AU)1 53.4 94.0 Bank guarantees as part of loan facility4 28.8 4.4 Total including bank guarantees4 82.2 98.4 Loan to value ratio (LVR) 4 22.6% 33.9%

1. Includes finance leases, less statutory cash balance. 2. Excludes prepaid borrowing cost. 3. FY15 LVR covenant calculation is based on new multibank debt facility established in Feb 15 4. 30 June 15 calculations based on multibank facility established Feb 2015. Comparative year based on previous facility.

APPENDIX 5 Balance sheet

41 p41

APPENDIX 6 Quality acquisitions delivering on strategy Ingenia’s acquisitions have focused on key metro and coastal locations

Purchase price ($m)

Yield Long-term sites1

Annual sites

Short-term sites

Potential Development

sites2

White Albatross, Nambucca Heads, NSW 23.0 ~10% 135 - 165 Significant repositioning

Noosa, Tewantin, QLD 12.5 ~10% 49 - 136 Significant repositioning

Chambers Pines, Brisbane, QLD 16.8 ~8% 204 - - 277

Sydney Hills, Sydney, NSW 12.0 ~8% 64 - 64 Significant repositioning

Monterey, Lake Macquarie, NSW 6.8 ~9% 18 52 71 Significant repositioning

Total settled to 30 June 71.1 - 470 52 436 277

Bethania3, Brisbane, QLD 8.2 - 54 - - 76

Bethania (adjacent land)3, Brisbane, QLD 3.3 - - - - 100+

Conjola Lakeside3, Lake Conjola, NSW 24.0 ~8% - 287 81 189

Total 106.6 524 339 517 642+

1. Includes annual sites and rented park owned sites. 2. Includes some conversion of existing sites, and sites subject to approvals. 3. Bethania settled July 2015: conditional contract over vacant adjacent land exchanged August 2015. Conjola Lakeside anticipated to settle September 2015.

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APPENDIX 7 Intimate knowledge of our customers and their buying decision •A strong program of qualitative and quantitative research is used to gain more in-depth insights to the push/pull factors behind the buying decisions of our customers in different locations

• Identify preferred spending patterns and the cost benefit trade-offs to ensure we deliver product that holds a strong value proposition to the client and maximises margins

p42

Sales case study

Profile Ettalong (Central Coast) Stoney Creek (Sydney) Marital Status 48% single

45% couples 7% share

31% singles 69% couples

Origin Distance 79% from within 20km 95% from within 10km

Residents per dwelling 1.5 per dwelling 1.65 per dwelling

Ethnicity Australian, English, Irish, 50% Australian, balance Italian, Irish, Philippino and Maltese

Average Age 69 (55 to 89) 64 (52 to 76)

Average Price $320,000 $311,000

Spend Ratio (spend as ratio of prior home value)

72% 51%

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APPENDIX 8 Achieved 100 sales in FY15

•Contracted: Site has had deposit paid and Contract has been executed •Reserved/Deposited: Site has holding deposit paid - no Contract has been executed

Active Lifestyle Estates - Sales

1 July to 30 Jun 2015 Settled (New Homes)

Settled (Refurb / DMF) Reserved Contracted

Available Completed

Stock

Homes Under Construction

Average Sales Price Achieved

All Sites (100 Sales) 51 5 28 16 43 44

1 July 2015 to 24 August 2015

Settled (New Homes)

Settled (Refurb / DMF)

Reserved post 30/06/15

Contracted post 30/06/15 *

Available Completed

Stock

Homes Under Construction

Average Sales Price Achieved

Albury Citygate (Albury) - - 1 - 5 - $190k+

ALE Hunter Valley (Cessnock) - - - - 3 - $230k+

Big4 Mudgee (Mudgee) 1 - - - 8 - $250k+ Chambers Pines (Logan) - 1 - - 1 5 $200k+ Ettalong Beach (Ettalong) 1 - - - - - $320k+ Lake Macquarie (Morisset) 6 - 3 1 8 10 $320k+ Mudgee Valley (Mudgee) - - 1 - 6 - N/A Nepean (Penrith) - - - - - - $230k+

Stoney Creek (Marsden Park) 3 - 6 3 13 26 $305k+

The Grange (Morisset) - - - - - - $255k+ Subtotal 11 1 11 4 44 41

* Additional 26 contracts in place from FY15 (Carried over from FY15)

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Major Operators No. of parks Locations Capital strategy

Active Lifestyle Estates (Ingenia)

22 NSW and SE QLD Acquire existing lifestyle and tourism parks.

Tourism and Mining Park Operators

Discovery Holiday Parks

32 Across Australia Acquired from private equity by SunSuper. Exclusively tourist and mining accommodation.

Aspen Parks Property Fund

27 Across Australia Predominantly tourist and mining accommodation. Parent entity (ASX: APZ) owns 40% and has acquired two parks on balance sheet.

Mature Park Consolidators

Gateway Lifestyle Residential Parks

38 QLD, NSW and VIC Listed on the ASX June 2015. Well capitalised listed operator with plans for further growth. Significant focus on development.

NRMA Holiday Parks 6 NSW and QLD Own four parks and franchise one. Managed by ATPM.

Source: Company information, Ingenia analysis.

Major operators represent <10% of market opportunity

APPENDIX 9 Competitor Landscape – Lifestyle and Tourism Parks

Greenfield Developers

Hampshire Villages 7 NSW and VIC Privately owned portfolio of regional residential parks.

Lifestyle Communities 10 VIC only Developer and operator of greenfield residential parks (ASX: LIC).

Living Gems 10 QLD only Pulich family - developer and operator of greenfield residential parks.

National Lifestyle Villages

12

WA and VIC Developer and operator of greenfield residential parks. Capital injection of $150 million by Blackstone announced November 2014.

Palm Lake Resorts (Walter Elliott)

21 VIC, NSW and QLD Privately owned developer and operator of greenfield residential parks.

CONTACT INFORMATION

SIMON OWEN CEO & Managing Director Tel: Mob:

+61 2 8263 0501 +61 412 389 339

Email: sowen@ingeniacommunities.com.au DONNA BYRNE Group Investor Relations Manager Tel: Mob:

+61 2 8263 0507 +61 401 711 542

Email: dbyrne@ingeniacomunities.com.au

INGENIA COMMUNITIES GROUP Level 5, 151 Castlereagh Street Sydney NSW 2000 www.ingeniacommunities.com.au

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DISCLAIMER

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This presentation was prepared by Ingenia Communities Holdings Limited (ACN 154 444 925) and Ingenia Communities RE Limited (ACN 154 464 990) as responsible entity for Ingenia Communities Fund (ARSN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410) (together Ingenia Communities Group, INA or the Group). Information contained in this presentation is current as at 25 August 2015 unless otherwise stated.

This presentation is provided for information purposes only and has been prepared without taking account of any particular reader’s financial situation, objectives or needs. Nothing contained in this presentation constitutes investment, legal, tax or other advice. Accordingly, readers should, before acting on any information in this presentation, consider its appropriateness, having regard to their objectives, financial situation and needs, and seek the assistance of their financial or other licensed professional adviser before making any investment decision. This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, nor does it form the basis of any contract or commitment.

Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions, or as to the reasonableness of any assumption, contained in this presentation. By reading this presentation and to the extent permitted by law, the reader releases each entity in the Group and its affiliates, and any of their respective directors, officers, employees, representatives or advisers from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising in relation to any reader relying on anything contained in or omitted from this presentation.

The forward looking statements included in this presentation involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, the Group. In particular, they speak only as of the date of these materials, they assume the success of the Group’s business strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from forward looking statements and the assumptions on which those statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

The Group, or persons associated with it, may have an interest in the securities mentioned in this presentation, and may earn fees as a result of transactions described in this presentation or transactions in securities in INA.

This document is not an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities.